Most small businesses in the United States have yet to claim their Employee Retention Tax Credit (ERTC or ERC), which provides COVID-19 relief funding to businesses. The majority of them have claimed Paycheck Protection Program (PPP) funding, but are unaware that they can also claim ERTC funding. These programs are part of the American Rescue Plan Act of 2021, which provides relief to businesses that have been financially impacted by the COVID-19 pandemic.
Originally, companies had to choose between the PPP or ERTC programs. Most companies opted for the PPP program because of its simplicity of application and avoided the more complex ERTC application process. In 2021, the American Rescue Plan Act of 2021 changed. It allowed companies that had already applied for and received PPP funding to also claim ERTC credits. They could apply retroactively if they were qualified and if there were lower qualification requirements.
In summary, businesses that have previously applied for PPP loans may still have sufficient payroll to also receive ERTC funding.
The ERTC is not limited by the number of employees in a company. To qualify for the credit, a business must have had its operations adversely affected by federal, state, local, or regulatory orders due to COVID-19 or experienced a reduction in revenue due to the pandemic.
There are many different ways to consider a business to have been partially closed. Two of the most common examples are situations where hours of operation are reduced or supplies are delayed due to government orders. Others include capacity restrictions, supply chain disruptions, travel restrictions, trade disruptions, group gathering limitations, full or partial shutdown, customer or worksite shutdown, orders working remotely or customer or supplier restrictions in at least one financial quarter, or they must have had a drop in revenue due to the pandemic.
Most businesses (and charities) are unaware that the ERTC program is not just for struggling businesses. It aims to encourage businesses and charities to retain existing employees and hire new ones to help with the economic costs caused by COVID-19. A wide range of businesses are excellent candidates for the ERTC, including restaurants, manufacturing, construction, the food industry, healthcare, charities and tax exemptions such as churches, museums, food kitchens, schools and many more.
In a February 15, 2022 Forbes article, Dean Zerbe writes, “Small and medium-sized businesses (along with tax exemptions/charities) leave billions of dollars on the table.
Under the ERTC program, companies with full-time (W2) employees between 2019 and 2021 can claim up to $26,000 per employee. These funds do not have to be repaid and can provide significant funding to the business with no requirement as to how the business spends the money.
Most accounting firms are unwilling to handle ERTC claims on behalf of their clients due to the complexity and time involved, as they are already too busy with their existing workloads.
ERTC experts specialize exclusively in preparing, maximizing and filing ERTC claims while simplifying the process for employers.
To get started, a business simply fills out a short intake form on their website at: https://claimertc.tax.
Once a company uploads their information to a secure portal, a dedicated CPA team will assess the company’s eligibility and the amount they can claim. The company receives an initial ERTC estimate free of charge. Once the business is ready to proceed, the team will prepare and file documents with the IRS. Companies are charged a small percentage of the claim, which can be deducted from the proceeds.
The IRS will process the credit and send a check to the business. The whole process is safe and secure, with all sensitive information protected.
Name: Marius Nothling
Email: Send Email
Organization: ERTC Experts
Address: 69 Jamieson Court 303, New Westminster, BC V3L 5R3, Canada
Build ID: 89075493
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